I am in the process of selling my maisonette in Benllech and the estate agent has just telephoned to say that the purchasers are switching solicitor. The reason given is that the bank will only work with property lawyers on their approved list. Why would a big named mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Benllech ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
We are buying our first property. Our solicitor has contact usto ask if we wish to order additional conveyancing searches. We are really unsure what's recommended for conveyancing in Benllech
The extent of Benllech conveyancing searches depends primarily on the property, the location, the probability of any of these risks, your knowledge of the locality and risks, your overall attitude to risk. What is important is that you properly understand what information each search could provide. You may then decide if you consider that you need that information. If unsure, ask your conveyancer to explain.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would prefer to appoint a Benllech based conveyancing firm?
Do check but the chances are that allocate you one of their panel lawyers should you want the "fee-free" offer. Speak to the bank and explore if they offer you a cash alternative. Some lenders have previously offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Benllech.
It has been 2 months following my purchase conveyancing in Benllech completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Benllech is where the house is located. What do you suggest?
Flying freeholds in Benllech are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Benllech you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Benllech may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My father has recommend that I appoint his conveyancers in Benllech. Do I take his recommendation?
Much as we are happy to recommend a Benllech conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to have referrals from friends or family who have used the firm you're are thinking of instructing.